TPT Global Tech Inc (TPTW)

[PennySheik]

"TPT Global Tech, Inc., Friday, August 25, 2023, Press release picture
Highlighted proposed terms for the 60% acquisition are that two payments totaling $40 million will be made. The initial payment, amounting to up to $20 million can be made, at the election of the Tekmovil shareholders either in cash or through TPT Global Tech Series E Preferred Shares, but no less than $10 million in cash paid by October 31, 2023, unless extended by Tekmovil shareholders, is required to close. Any balance on the first payment may be in the form of a promissory note to be settled on or before March 31, 2024, using the proceeds generated from TPT's proposed public offering. The second payment of $20 million, at the election of the Tekmovil shareholders, can be made either in cash or through TPT Global Tech Series E Preferred Shares. The finalization of these payments is proposed to occur by March 31, 2024, unless extended by Tekmovil shareholders. It is also proposed that up to $80 million of additional funds raised through TPT's public offering will be used to assist in the restructuring of senior debt of Tekmovil through intercompany loans. The proposed intercompany loans will include a 5-year term, with provisions for accelerated repayment to TPT."